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Hold Venkys, but exit on rallies towards Rs 2,700: Mazhar Mohammad

Investors can hold the stock with a stop below Rs 2,120 on a closing basis and exit on rallies towards Rs 2,700.

July 18, 2018 / 02:38 PM IST
 
 
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Mazhar Mohammad

Chartviewindia.in

Venkys is in a strong downtrend as it took a hit of around 50 percent from its lifetime high of Rs 4,725 registered in April. As it retraced around 62% of its entire rise, from the lows of 397 – 4725, at the recent low of 2126 some stability and pull back rally can’t be ruled out.

In that case, a strong pullback may see this counter targeting Rs 2780 kind of levels. As downward momentum is looking strong breach of Rs 2126 on a closing basis may drag it down towards an initial target of Rs 1,900 and thereafter Rs 1,600 can’t be ruled out.

Investors can hold the stock with a stop below Rs 2,120 on a closing basis and exit on rallies towards Rs 2,700.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Moneycontrol News
first published: Jul 18, 2018 02:38 pm

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